Iron ore forecast cut 32% by Citigroup as Goldman predicts peak

(Minews) - Global iron ore demand will contract over the 2020s as steel consumption growth in China peaks, according to Citigroup Inc., which reduced its long-run price forecast for the raw material by 32 percent.The long-run estimate was cut to $55 a metric ton from $81 as the world’s major mining ...

Seven diamond miners form group to fight synthetics

(Minews) - Russia’s Alrosa, Anglo American’s De Beers, Rio Tinto, Lucara, Dominion, Petra and Gem Diamonds are joining forces to market their gems and counter threats such as the expansion of synthetic stones.The group, called the Diamond Producers Association (DPA), will promote diamonds ...

Iran needs $15bn in investment to develop mineral sector

(Minews) - According to the Sixth Economic Development Plan, Iran needs USD 15 billion in investment to develop its mineral sector and increase production capacity of steel, aluminum, and copper industries.Mehdi Karbasian, deputy minister of industry, mine and trade, said on Sunday that according to ...

Iran's ceramic tile industry in the doldrums

(Minews) - At least 300 million square meters of ceramic tiles are piled up at factories or in distributors’ storehouses, as the manufacturers face shortage of demand in both domestic and foreign markets, Eghtesad News reported.The low demand for ceramic tiles has placed a heavy burden on manufacturers,...

Iran allocated $187m for mining development

(Minews) - Some 5.4 trillion rials ($187.3 million based on official currency exchange rate) have been allocated to the mining sector out of the mining royalties which will be received in the current Iranian year (started March 20), IRNA quoted head of Mines and Mineral Industries Commission in the ...

Teck to temporarily halt output at six Canadian coal mines

(Minews) - Teck Resources Ltd said on Thursday it will suspend production at its six Canadian steelmaking-coal mines for about three weeks in the third quarter so that it can align output and inventory with changing coal market conditions.The Canadian miner said it will consider additional production ...

Japan to step up financial support for Africa mining projects

(Minews) - Japan aims to step up financial support to promote investment by Japanese companies in African mines by accelerating bilateral meetings with each African country to bring more mining projects forward, the nation's industry minister said on Saturday.Two years ago, Japan said it would provide ...

Vedanta says will work to lift cap on India iron ore output

(Minews) - India-focused Vedanta Resources Plc will aim to lift a court-imposed cap on its iron ore output in the country's top state for exporting the commodity, as it prepares to resume mining there in October after a three-year lull.A mining ban that had been in place in the state of Goa since September ...

Steel body Eurofer files EU complaint over Italy steel aid

(Minews) - European steel association Eurofer filed a formal complaint on Thursday at the European Commission against what it said was illegal state aid for Italian steelmaker Ilva.Eurofer said that about 2 billion euros ($2.2 billion) allocated to Ilva by the Italian authorities is not compatible with ...

Iron ore tycoon Gina Rinehart loses $3.8bn legal battle

(Minews) - After a long-running legal battle, Australia's richest person and iron ore tycoon Gina Rinehart, lost Thursday control of the roughly $3.8 billion family trust in court to her children John Hancock and Bianca Rinehart.NSW Supreme Court Justice Paul Brereton named Bianca, 38, as trustee of ...

Norway wealth fund faces ban on investing in coal assets

(Minews) - Norway’s parliament reached an agreement to ban the country’s $890 billion sovereign wealth fund from investing in utilities or miners that base at least 30 percent of their business or revenue on coal.The decision, backed by all parties, will be announced in the Oslo-based legislature’...

Iran to accelerate exploration of bauxite resources

(Minews) - According to the Ministry of Industry, Mine and Trade, Iran Alumina Company – as the sole producer of alumina in the country – plans to accelerate its exploration operations to discover new bauxite reserves, Mehr News Agency reported.The company has already implemented projects ...

Government approves KIOCL to source iron ore from Iran

(Minews) - The Modi government has given a go-ahead to KIOCL (formerly Kudremukh Iron Ore), for sourcing ore from Iran for manufacture of iron ore pellets in the country under the rupee trade mechanism between the two countries.These pellets will then be exported back to Iran to meet the demand from ...

South Africa doesn’t have enough coal for power plants beyond 2016

(Minews) - South Africa’s state power utility Eskom doesn’t not have enough coal in stock to meet its generation needs beyond 2016, Public Enterprises Minister Lynne Brown said Wednesday.According to Reuters, the 17 million tonne coal shortfall will become obvious this year at Matla, Tutuka ...

East Azarbaijan steel output on the rise

(Minews) - According to head of Industry, Mine, and Trade Organization in East Azarbaijan Province, Hossein Nejati, the crude steel output in the province would increase to 21 million tons from the current 6 million within the next five years, IRNA reported.He referred to 70 establishment and development ...

China to launch $16bn gold investment fund

(Minews) - China is setting up a new gold fund, expected to raise about $16 billion for investment into activities and business related to the precious metal, which may help to boost trade across Asia.The creation of such fund, state-owned CCTV reported, is part of a scheme known as the ‘Silk ...

Top iron ore firms unlikely to form cartel and cut output: Goldman

(Minews) - Major iron ore miners from Australia and Brazil are unlikely to create a cartel and agree on output cuts to shore up prices, with weakening demand expected to intensify competition, Goldman Sachs said."Efforts to support prices via voluntary production cuts would be counter-productive....

Japanese group visits steel projects in Chabahar

(Minews) - A number of Japanese companies have voiced their preparedness to make technical contribution to steel projects underway in Iran’s southern Chabahar port city.A Japanese delegation including the country’s ambassador to Iran as well as 12 representatives of major Japanese steel ...

Iran to build aluminium project in Arvand zone

(Minews) - Iran plans to build a new aluminium project at the Arvand Free Zone to help develop the region's economy, Akbar Torkan, Iran’s senior presidential advisor, was quoted as saying by a local newspaper.The new factory’s production capacity will be 4,700 tonnes per year, said a report ...

Lobbying helped kill Australia iron ore inquiry

(Minews) - Lobbying by big miners helped kill a proposed Australian Senate inquiry into the iron ore industry after allegations they had colluded to depress prices and drive rivals out of business, the senator who had called for the inquiry said on Tuesday.Independent Senator Nick Xenophon had wanted ...